Main Capital Partners (“Main”) today announces the roll-out of an international software group that specialises in solutions for Governance, Risk and Compliance (“GRC”) processes. This strategic development comes after the acquisition of a majority stake in Swedish Blika Solutions (“Blika”) and the immediate addition of audimex in Germany as its first add-on portfolio company.  The financial details for these transactions were not disclosed.

Blika, headquartered in Stockholm, represents the first Nordic platform investment from the Main Foundation I fund, which was launched in October 2021 targeting innovative, high-growth software companies.

Main will support the Group with further strengthening its position in Europe through a combination of organic growth, focused initially on partnerships as well as a selective buy-and-build strategy.

The acquisition of audimex marks the first strategic step of strengthening Blika’s international market footing as well as further expanding its product suite with complementary GRC functionalities. Blika is well known for its SaaS platform that focuses on legal, entity and tax management activities. audimex provides extensive audit and compliance management software.

In partnership, these companies will offer a comprehensive GRC-suite to both the DACH and Nordic markets.  Blika already has a large client base comprising European and global multinationals including Fortune 500 companies. audimex services over 200 customers across the globe with a strong focus on the DACH region.

Blika has developed a modular, best-of-breed SaaS system which allows companies to monitor complex legal entity structures ensuring proper governance and compliance. This platform helps enterprises to comply with complex tax, legal and transfer pricing regulations such as DAC6 and IFRIC 23.

Peter Öhling, CEO at Blika, commented:
“We are very excited to enter this next phase of growth as we look to develop our company together with support from both Main and audimex. Our best-of-breed platform is internationally scalable and brings strong benefits to companies across the DACH region. With the support of Main, we aim to accelerate our growth internationally, starting with the German market. Through the addition of complementary services offered by audimex to our platform, we can add real value for our existing and future clients.”

Dr. Stefan Berchtold, Managing Director at audimex, added:
“We are delighted to partner with Blika and Main. After 20 years growing the company, this is a big strategic step  for audimex. Having strong partners on our side means we now have the capability to grow and scale much faster, especially in Northern Europe. By partnering with Blika we can support our customers with a much broader portfolio offering.”

Increasing pressure to comply with complex international regulations

The GRC software sector faces an increasing pressure from companies to comply with complex international regulations and protocols. The entity management software market is predicted to grow by at least 17% per year until 2026. In tandem, the audit management software market, which automates and simplifies the auditing process is influenced by similar regulatory market trends and is expected to expand annually by 12% through to 2027.

Wessel Ploegmakers, Partner and co-Head of Nordic activity at Main, concludes:
“New market regulations such as country-to-country reporting and DAC6 have caused an increased demand for entity management systems to centralise their data and assist corporations throughout the entire compliance and reporting process. Main therefore views this market as a great playing field for Blika to establish a true European market leadership” 

Blika Solutions

Since 1989 Blika has been a leading partner in supporting the digitalization of tax and legal departments of large multinationals, providing the digital infrastructure to achieve efficiency, increase quality and automate workflows. Blika is dedicated to supporting large and medium-sized groups with solutions for collecting, sorting, storing, analyzing, and presenting tax, legal, financial, and related information in a structured and searchable way. This knowledge is built into the solutions providing Blika’s customers with a unique value. Blika is headquartered in Stockholm with additional offices in Kalmar and Oskarshamn and employs 20 FTEs.

audimex

As a supplier and developer of complex business solutions for internal audit and compliance, audimex provides its customers all services from a single source.  Within the last twenty years, audimex has become a global company that has been successfully maintaining its position on the market as a developer and provider of high-quality software solutions for internal audit. At its locations in Augsburg and Langen, audimexservices customers of all sizes and across all industries worldwide. audimex’s activities range from the development of software solutions for internal audit and compliance, support of the end user, and technical support after implementation to the complete hosting of the applications. audimex employs 45 FTEs.

Main Capital Partners

Main Capital Partners is a leading software investor in the Benelux, DACH and the Nordics. Main has almost 20 years of experience in strengthening software companies and works closely together with management teams of its portfolio companies as a strategic partner, in order to realise sustainable growth and build excellent software groups. Main counts over 45 employees and has offices in The Hague, Stockholm and Düsseldorf. As of October 2021, Main has over EUR2.2 billion of assets under management. Main has invested in more than 130 software companies to date. These companies have created jobs for approximately 4,000 employees.

Bonterra supports social good organizations with software solutions that make their work easier, more efficient, and more effective

The technology and people behind CyberGrants®, EveryAction™, Network for Good®, Social Solutions®, and their respective entities, are coming together as Bonterra™.

Bonterra is creating a landscape-defining software platform to power those who power social impact. By bringing together its intuitive technology and expertise, Bonterra will enable unprecedented connectivity between social good organizations and their community of supporters and constituents. This collaboration will unlock potential for the doers behind the scenes across nonprofits, public agencies, corporations, philanthropic organizations, and foundations—ultimately creating more ways for social good organizations to maximize their impact in the communities they serve.

“We are passionate about serving the people who make social good possible—the dedicated changemakers who work tirelessly to make a difference—and supporting them with proven technology that makes their jobs easier,” said Erin Mulligan Nelson, CEO of Bonterra. “Joining these organizations together offers limitless possibilities to help the doers reach their most ambitious goals. This collaboration has the power to reshape philanthropic giving, empower digital transformation, and bring the social good sector the technology it needs to accelerate lasting social change.”

About Bonterra’s technology solutions:

• Case management: Social Solutions’ Apricot®, ETO®, and Penelope™ products provide actionable, data-driven insights to help nonprofit and public sector leaders better coordinate the delivery of essential services, measure impact, and improve outcomes for those in need.
  
  
• Corporate social good and philanthropy: CyberGrants’ Grants Management, Employee Giving, and Volunteerism products provide corporate social responsibility, employee giving, grants management, and volunteerism solutions coupled with deep analytics that power corporate philanthropy impact.
  
  
• Nonprofit fundraising and relationships management: EveryAction, GiveGab®, Network for Good, and SalsaLabs™ provide omni-channel engagement platforms to help nonprofits of every size cultivate donor relationships, optimize stakeholder interactions, raise more money, and advocate for positive change.

Based on internal company data, Bonterra helps over 15,000 nonprofit customers manage cases, fundraise, and receive funds. In 2021 alone, Bonterra’s technology solutions were used by its more than 19,000 customers (across all segments) to direct giving of over $7.4 billion to more than 225,000 nonprofit organizations.

Going forward, CyberGrants, EveryAction, Network for Good, Social Solutions, and their respective entities will operate as Bonterra. NGP VAN, the political fundraising, organizing, advocacy, and email solution, will continue to operate as NGP VAN. ActionKit™ and Mobilize™ will roll up to NGP VAN.

Cathay Capital, Eurazeo via its Small-Mid Buyout1 team and Sagard NewGen have signed an
exclusivity agreement with a view to investing in DiliTrust alongside its management team led by
Yves Garagnon and Nadim Baklouti.

Under the agreement, the consortium of investors would become the group’s core
shareholder by investing more than €130 million, of which Eurazeo would invest €52 million.
Calcium Capital, which has been a financial investor in DiliTrust since 2017, is selling all of its stake.
With the DiliTrust Governance Suite, DiliTrust offers a unified and secure platform, composed of
different modules to meet the growing digitalization needs of legal departments and governance
bodies of large corporates, SMEs and public entities. The SaaS editor supports more than 2000
organizations in their efforts to automate processes, improve performance and protect their
strategic and sensitive data. DiliTrust enables them to achieve these objectives, notably through a
board portal for managing board meetings, as well as modules for managing legal entities and
managing contracts and litigations.

In 2021, the group, which employs more than 160 people worldwide, achieved a turnover of nearly
20 million euros, half of which was generated internationally, with an increase of around 30% per
year in recent years. Already present in France, Canada, Italy, the Middle East and Africa, DiliTrust
has also strengthened its presence in Spain and expanded its operations in Latin America following
the acquisition of Gobertia last year.
DiliTrust is continuing to expand by gaining new clients in France and abroad, and it intends to
complement this expansion with an active buy-and-build strategy, with the support of its new
financial partners. Cathay Capital, Eurazeo, Sagard NewGen and DiliTrust’s management team
intend to leverage the company’s best-in-class skillset, strong reputation and robust underlying
market growth in order to achieve their shared ambition of accelerating DiliTrust’s growth and
build a global leader in legal and governance solutions.

Yves Garagnon, CEO of DiliTrust, said:
“The need to digitize and secure the most sensitive corporate data is growing.
We have a robust suite that fully meets these challenges, particularly for boards
of directors and legal departments. We are recognized for the ease of use and
performance of our suite and are identified as one of the world’s leading
players by major analysts such as Gartner. We are delighted with the confidence
placed in us by this consortium of investors.”
2
Jérémie Falzone, Partner at Cathay Capital, Benjamin Hara, Member of Eurazeo Mid Cap’s
Executive Board and Guillaume Lefebvre, Partner at Sagard NewGen said:
“We are very happy to support DiliTrust and its management team led by Yves
Garagnon with the ambition of creating a global leader in governance solutions.
The Enterprise Legal Management software market is growing rapidly, in line
with the general acceleration in the take-up of LegalTech solutions. DiliTrust is a
leading player in this market with an integrated software suite that has won
over a number of top-tier clients. We are excited about the prospect of bringing
the international business networks, sector expertise and active support of
Cathay, Eurazeo and Sagard to help DiliTrust achieve its ambitious strategy,
based on a combination of organic growth and acquisitions.”

Cédric Duchamp, Managing Partner at Calcium Capital, said:
“We are proud of the achievements since 2017, working alongside DiliTrust and
its management team led by Yves Garagnon. The company has demonstrated
an outstanding ability to anticipate key market trends and to meet the needs of
the most demanding clients. We are delighted to see Cathay, Eurazeo and
Sagard team-up to continue the work with DiliTrust in the next phases of
acceleration of its development.”

PARTICIPANTS TO THE TRANSACTION:
 Cathay Capital: Jérémie Falzone, Felix Wang, Marion Prieur
 Eurazeo: Benjamin Hara, Clément Morin, Claire Berthoux, Bastien Estival, Cécile Gilliet
 Sagard NewGen: Guillaume Lefebvre, Agnès Huyghues Despointes, Martin Klotz
 Calcium Capital: Cédric Duchamp, Antoine Gravot
 Financial advisors: Bryan Garnier & Co (Thibaut de Smedt, Stanislas de Gmeline, Jonathan
Bohbot) and Natixis Partners (Nicolas Segretain, Romain Etienne)
 Legal advisors: Hogan Lovells (Stéphane Huten, Pierre-Marie Boya) and McDermott Will &
Emery (Grégoire Andrieux)
 Financial due diligence: Eight Advisory (Stéphane Vanbergue, Victor Heilweck) and Alvarez
& Marsal (Jonathan Gibbons, Samih Hajar)
 Strategic due diligence: Roland Berger (Cyrille Vincey, Mouhsine Aguedach) and Kearney
(Julien Vincent, Hadi Benkirane, Hugo Khelifa)
 Legal, fiscal and social due diligence : Hogan Lovells (Stéphane Huten, Pierre-Marie Boya)
 IT due diligence: Make it Work (Frédéric Thomas), EPAM (Philippe Trichet, Neil Holton) and
I-Tracing (Michel Vujicic)
 Seller financial advisors: Macquarie Capital (Fady Lahame, Guillaume Basini)
 Seller legal advisors: FTPA (Bruno Robin, Charles-Philippe Letellier) and Viguié Schmidt et
Associés (Fabrice Veverka)
 Seller financial due diligence: PwC (Philippe Serzec, Manil Bengana)
 Management advisor: Axance Finance & Development (Antoine Rimpot)

ABOUT DILITRUST
 As a SaaS solution provider for over 25 years, DiliTrust offers its DiliTrust Governance suite
dedicated to corporate governance and the secure sharing of sensitive and confidential data.
This unified and ultra-secure platform is designed for legal departments and governance
bodies. It includes various complementary modules, notably for the digitization of bodies, the
management of legal entities, contracts, litigation and disputes.
 DiliTrust has more than 2,000 customers in some 50 countries. Major groups in Europe, North
America, Africa and the Middle East trust DiliTrust, including: Almarai, AccorHotels, Ecobank,
Royal Bank of Canada, BNP Paribas, Bouygues, Caisse de Dépôt et de Gestion du Maroc,
Campari, Capgemini, Carraro, Commercial Bank of Dubai, Desjardins Capital, EDF, Engie,
Eutelsat, Geox, Ingenico, Koç, Loto-Quebec, LVMH, Luxempart, Renault, Groupe Robert, SNCF,
Société Générale, Transports de Montréal, Tereos, UNICEF, Veolia, City of Montreal and Vivendi
 https://www.dilitrust.com/a-propos-de-dilitrust/
 PRESS CONTACT: Tahiana Tissot (tahiana.tissot@dilitrust.com – +33 1 42 91 92 41)

ABOUT EURAZEO
 Eurazeo is a leading global investment company, with a diversified portfolio of €31 billion in
assets under management, including €22 billion on behalf of third parties, invested in over
450 companies. With its considerable private equity, private debt, real estate and
infrastructure expertise, Eurazeo accompanies businesses of all sizes, supporting their
development through the commitment of its nearly 360 professionals and offering in-depth
sector expertise, a gateway to global markets, and a responsible and stable foothold for
transformational growth. Its solid institutional and family shareholder base, robust financial
structure free of structural debt, and flexible investment horizon enable Eurazeo to support
its companies over the long term.
 Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg,
Shanghai, Seoul, Singapore and Sao Paulo.
 Eurazeo is listed on Euronext Paris.
 ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA
 www.eurazeo.com
 PRESS CONTACT: Maël Evin, Havas (mael.evin@havas.com – +33 6 44 12 14 91)

ABOUT CATHAY CAPITAL
 Cathay Capital Group is a global investment firm supporting companies at all stages
throughout North America, Asia, Europe and Africa. By helping navigate the opportunities of
globalization and sustainable transformation, Cathay is the partner of choice for companies
aspiring to lead markets and make a positive impact. Its global platform connects people –
from investors and entrepreneurs to management teams and leading corporations – across
continents to share knowledge, the tools to scale, and achieve the extraordinary. Founded in
2007 with a strong entrepreneurial heritage, Cathay Capital now manages more than $4.2
billion in assets, has completed over 220 investments with the global reach and local expertise
of its offices in Paris, Munich, New York, San Francisco, Shanghai, Shenzhen, Beijing and
Singapore.
 www.cathaycapital.com
 PRESS CONTACT: Yoann Besse, Citigate Dewe Rogerson
(yoann.besse@citigatedewerogerson.com – + 33 6 63 03 84 91)

ABOUT SAGARD NEWGEN
 Sagard NewGen aims to support the development of leaders in the healthcare and technology
sectors. The fund was established to make majority and minority equity investments,
financing the growth strategy of profitable European companies that share its commitment
to innovation and sustainability (revenues of up to €150 million).
 Sagard NewGen extends the international platform’s European base alongside Sagard MidCap
and Portage Venture. Sagard NewGen provides management teams with bespoke support
and a high value-added ecosystem that has truly international reach through its presence in
Europe, North America and Asia.
 Sagard has offices in Paris, Montreal, Toronto, New York, San Francisco and Singapore.
 www.sagard.eu
 PRESS CONTACT: Lucie Wallet, (lucie.wallet@sagard.com – +33 1 53 83 30 39)

ABOUT CALCIUM CAPITAL
 Calcium Capital brings together the capital of entrepreneurs, managers and families who wish
to invest in attractive SMEs while giving them the benefit of their experience and network.
Calcium Capital’s mission is to take equity stakes of between €5m and €20m in promising
companies for which it aims to be an active shareholder with high added value.
 Calcium Capital has a diverse and complementary team of investors and partners who are
committed to the long-term viability of companies, while respecting their culture and values.
 www.calciumcapital.com
 PRESS CONTACT: Cédric Duchamp (cd@calciumcapital.com)

10 Mar 2022

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the completion of KKR’s acquisition of Yayoi Co., Ltd. (“Yayoi”), a software developer, distributor, and support service provider for small- and medium-sized enterprises (“SMEs”) in Japan, from ORIX Corporation. All regulatory approvals have been obtained.

Yayoi is the largest financial and accounting software provider for SMEs and sole proprietors in Japan, best known for its namesake accounting and tax filing software that is widely used by Japanese SMEs. According to MM Research Institute and BCN Inc., the Yayoi Series has been Japan’s number-one cloud accounting software for six consecutive years by number of users, and the number-one desktop business software for 22 consecutive years, with over 2.5 million registered users. In Japan, Yayoi plays a leading role in assisting SMEs as they adopt greater digital solutions into their operations and migrate more functions to the cloud.

Eiji Yatagawa, a Partner on KKR’s Private Equity team, said, “Upon closing this deal, we look forward to working closely with the Yayoi team to help them further build their business. This comes at an important time when Japanese companies are looking to digitally transform their businesses, and we look to draw on KKR’s global experience and best practices to help Yayoi become a leader in offering thoughtful solutions.”

KKR is making its investment from its Asia IV Fund.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220228006240/en/

KKR Media Contacts

Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR